The Ramsey Show - App - My Father Invested My Savings in Tesla Stock (Hour 1)

Episode Date: June 10, 2021

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🎵 Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Ramsey Show. Where debt is dumb, cash is king. And the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. Ken Coleman, Ramsey personality, number one best-selling author of the book, The Proximity Principle, and host of the Ken Coleman Show Daily, is here to answer your questions about jobs, careers, money, and life, and I'm here to help as well. Phone number is at 888-825-5225.

888-825-5225. So, Ken, 30 years ago, approaching 30 years ago, 1992 June, so this will be 91 June. I had just graduated high school. Does that make you feel old? Yeah. Well, you're just a pup. Man, i got socks older than most of you kelly and i are the same age yeah that's um both of you just shut up but um

so yeah 29 years ago this summer getting ready to be 30 years anniversary i wander in the back door of a broke radio station and convince the guy to let me work for free. I love that. Because it would be fun. I told him if we were really bad, he could cut our pay in half. And we were bad. I mean, it was Daryl and his other brother Daryl doing talk radio. Country fried, Tennessee hick accent, right? Have you managed to lock those up in a vault, those early shows?

There's no tapes. I mean, the station was in bankruptcy. that's why he let me work for free and they didn't they didn't tape anything and we didn't even have a delay if people cussed on the air it just got over the air it was uh it was it was before janet jackson in the super bowl so um we didn't run delays until after that but uh i mean it was i we're talking money. It's Dave Ramsey, WWTN. Can we help you? This is what it sounded like, people. It was, there's nothing wrong with sounding that way.

It just makes the people in Boston cringe. And they think I live in a trailer or a broadcast from a double Y. So all these years later, about, I guess it's about 10 years ago or so, Talkers Magazine, we had worked our way up through the ranks of talk radio shows. And we got to number three. Rush Limbaugh, of course, number one. And number one talk radio show in America. And Sean Hannity, my friend Sean, number two.

And then we were number three. And various people were floating around 456. Glenn Beck was there for a while uh various people were hanging out uh in the four five six seven slots uh back and forth over the years but pretty well the three of us were locked in yeah at the top and i kept trying to get sean to quit so that i could move up and he wouldn't quit um he likes doing it and um i give him a hard time about it. He gives me a hard time about it. I like him a lot.

And then, of course, our friend Rush passes away this year. Real sad event. And so the Talkers magazine just came out. And now I'm number two. Yeah. Congratulations. Not exactly the way I wanted to advance. No.

You know? But I'd rather just beat somebody than have to just outlive them. Yeah. But, you know, but that's okay. We'll take it. So we have 640 radio stations today. We're the largest talk radio network in America. We have more stations than Sean, but he has more listeners than we do, and so he is the legitimate king.

Long live the king. Shut up, Sean he is the legitimate king long live the king shut up sean but uh uh yeah long live the king dave's not competitive at all neither is hannity hannity's just a little bit wired up i'll just tell you well i sent him an email giving him a hard time about something he zips me back so but he's a great guy and long live the king so he's number one he's got more listeners than we've got we've got more stations but uh he's a great guy, and long live the king. So he's number one. He's got more listeners than we've got. We've got more stations. But he's got more premium positions with listenership than I do across the breadth of the whole nation. And, of course, he's a lot more well-known because he does a Fox show. And a lot more people know who he is than know who I am. He's a lot more famous.

But I'm just sitting over here at number two. He hasn't helped as many people as you have. Well, he might argue that. He can. He can argue. He has the right to be wrong. I get to say this about you. I know you don't like that attention, but this is not an opinion show.

Well, I haven't helped anybody. I show people how to help themselves. Yes, you do. So we're just excited about this. We are. It's quite an honor. Thanks to our friend Michael Harrison that runs Talkers Magazine. He puts out the heavy hundred every year. I'm not as heavy as I was at this time last year. Yeah, that's an an honor. Thanks to our friend Michael Harrison that runs Talkers Magazine. He puts out the heavy hundred every year.

I'm not as heavy as I was at this time last year. Yeah, that's an interesting adjective they throw there. I don't know where he picked that up. Michael's a child of the 70s, so for sure. And he's a great guy, too. So thank you, Michael, and thank you, Talkers. That's awesome. We appreciate doing the rating, and he catches a lot of flack for doing these ratings because it's an imperfect process,

and you're rating 100 people with big egos massive so everybody's pissed off a friend of mine was in the 40s and i sent him a text last night i said congratulations and he sent me one back congratulations and but yeah we're all we all uh have to admit we open that thing up and look at it every year and see how we're doing. Although I already knew how I was doing. But, you know, it's a nice mention and a nice thing and kind of a sad footnote, if you will, that, you know, I've been sitting there at three for all these years for probably a decade plus. I'll have to go back and look at exactly how many years. But right about that, it's been Rush, Hannity, Ramsey.

Rush, Hannity, Ramsey. And then, of course, Rush is gone. And so here we are. And all we did was give people common sense advice. But it turns out common sense is a superpower. Yeah. So there you go. Open phones here at 888-825-5225.

You guys jump in. We'll talk about your life and your money. And, you know, Ken, that side note on that story is it fits in with the Ken Coleman show. You tell folks to get in proximity. Yeah. And I went down and did that show. I really did not have an intention of having a radio career. No.

You just wanted to help people. I just saw it as a way. I had written financial peace. It was in the trunk of my car. And I saw it as a way to sell books. I saw it as a way to help people get out of debt, and I thought, if I get on the air and just run my mouth, and, you know, the interesting thing is the phones have been jammed even as horrible

as we were on the air. I mean, we were just country fried. You know, I mean, it was bad, but people call from day one. You have not been able to get through the phones on this show ever since I turned it on. It's a great lesson there. I want you folks to catch this. Dave had a driving passion to help people who had money problems, some people that had experienced what he had, and then he wanted to stop other people from falling into that trap.

And that right there is passion and mission. You loved communicating. You're a natural teacher. You were doing it in your church. You were doing it at the kitchen table. Then you said, well, how can I reach more people? So let me go try this little country fried radio station. And you go on, and the phones pick up.

Why? And this is the lesson. It wasn't because you were a great radio broadcaster because you weren't. It wasn't. And you were still figuring out your messaging. The baby steps didn't even exist then. They didn't exist. Here's what I want people to hear.

But what Dave was saying is, I'm willing to help you with this problem. He was very clear on the people he wanted to help. This is where mission comes in. We talk about this on the Ken Coleman Show. Everybody wants to do work that matters, and you've got to figure out, who are the people I want to help? The problem that they have that I want to help them solve. And what's the best solution to help them solve that? And you started out not knowing how good it was going to be, figuring out as you go, but here's the deal. People said, I've got that pain. I've got that

problem, Dave. Can you help me? And sometimes we get so worried about how good it's going to sound or how good our solution is instead of going, I know that pain exists because I felt it and I can help people. Just be faithful. Just show up. You never know what God's going to do, and that's what this whole story is about. It's also be careful what you wish for. That is true. This is The Ramsey Show. I heard a statistic recently that absolutely blew my mind.

43% of Americans are not protecting their loved ones with life insurance. This drives me crazy people what are you thinking taking care of your family has to be a top priority think about it if you died today would you be the hero by making sure that your family had the money necessary to carry on their life without struggle and hardship would they be able to pay the bills and plan for the future that's what term life insurance is all about. Regardless of where you are in the baby steps, you've got to make this a top priority. Have I gotten my point across yet? That's why I talk about Zander Insurance every day. They keep it simple and make sure they find you the best rates out there. Zander will do their job to find you the best rates and make sure you're served like I expect.

But you have to take the first step. Go to Zander.com or call 800-356-4282. Ken Coleman, Ramsey Personality, is my co-host today. Rena is in Seattle. Hi, Rena. How are you? Hey, Dave. Hi, Ken. How are you?

Better than I deserve. How can we help? Thanks for taking my call. Okay, so my dad passed away two years ago with the opposite of a legacy he left us with a mess um no will um nothing whatsoever in regards to bank accounts any of that but um so he spent the majority of his life living in another country in iran and my mom just recently went over there to kind of try to finalize things. And she called me and asked if she could send money over and deposit it into individual accounts like my kids' savings account.

So because she's trying to avoid any sort of penalties or taxes, and I'm curious and I don't want to end up getting in trouble or penalized for that. Do you know how any of that, or can you explain to me how any of that would work? I have no idea about Iran. I can tell you that inherited money in the United States is not taxable. Okay, so if it's sent over from another country, you don't know? Yeah. Why does she just not send it to her account?

I think she's worried that if she sends all of it to her account, that she's going to have to pay heavy taxes. Well, she needs to get some information and get some knowledge, because she's not going to pay any taxes.

And if she gives the money away, she might have gift taxes. She needs the money, though. You left her with absolutely nothing, so I worry that you're going to... Okay. How much money is involved? I'm thinking anywhere between $50,000 and $100,000. I don't think it's going to be more than that, but I worry then when she gets here, she's going to then want me to transfer all of that money or withdraw it to give it to her, and then I'm on the line again.

Yeah, she does not need to send it to your kids or you. She needs to send it and put it in her own account. There are no tax implications in the United States for doing that. Now, there might be something to do with Iran. I have no idea what happens over there. Yeah. But the, and, you know, to be super sure, she would just contact an estate attorney here in the States

that does wills and does probate, and he can give her some instruction or she can give her some instruction on how to do this properly. But the common sense aspect of it is simply send the money, it's your money, and you're transferring your money from Iran to the United States. There's absolutely no implication of that at all. Yeah, okay.

They were married, right? Yeah, here's the thing. They were married and they were on a divorce in the U.S. So how is she getting possession of this money? Because she's married in Iran? Yeah, she stayed married in Iran because she knew that he was never going to do a will or anything like that. He was in denial that he was even going to die even though he had cancer for however many years. Given that this is not her husband in the United States, then this is like me taking the money from his name and put it in my name.

So she needs to contact a tax attorney and or an estate planning attorney, but she does not need to send it to your kids. That's dumb, but she's going to make a mess. Your instinct was right. She's going to make a mess, and she's acting like she knows what she's doing, and she has no idea what she's going to make a mess your your instinct was right she's going to make a mess and she's acting like she knows what she's doing and she has no idea what she's doing uh so just get an attorney spend 500 bucks on it get a little bit of advice uh on how to properly do this because it's very complicated this is an ex-wife by united states law and i don't know what the divorce decree says.

I don't know that she has any rights to this money. I have no idea. Because I don't know if the marriage in Iran gives her rights to it legally in the United States. So that's squirrelier than crud. So, no, you do not want it going into your kid's name, because she might technically be accused of stealing it at some point oh boy i don't know who would accuse her of that who's alive that would care but maybe his brother still lives in iran i don't know so uh there's no will i don't know how she's getting access to the money i guess because she's a wife there i golly it's complicated now she needs legal advice and you do not put this in your kid's name. Your instinct is correct. That could be a mess.

Yeah, absolutely. This is why lawyers exist. Oh, God. As much as you hate to acknowledge that, you know, this is absolutely straightforward here that you've got to get this figured out before anything gets transferred. Because Iranian law? Oh, boy. Yeah, well, yeah, and you've got to get out of there. Charlie's in Clevelandveland hey charlie

how are you hi dave uh thank you for what you do and congrats on your second largest talk show thank you for reading yeah so my question is uh i have some large life events coming up my wife is turning 50 and next year we're having our 25 year wedding anniversary. Yay. And yeah, right. It's awesome. So I was calling to see if the amount of money I was looking to spend was out of line in your opinion. So for her birthday, I was looking to spend five grand on a gift. And for our anniversary, I was looking at spend five grand on a gift. And for our anniversary, I was looking at taking maybe a $10,000 trip. Do you have the money? That's an easy question.

Do you have the money? Yes. Okay, you have the money. So, are you in debt? I owe about $85,000 on my house. That's all? Okay. And what's your household income? It's about $200,000. So why do you need my permission to spend $5,000?

We're pretty frugal, and we do every dollar like we say like we budget every dollar literally uh three hundred dollars for the salt for my water bill we budget it good good i mean we do too we we have a detailed we're very intentional with our money but we have the money to go on a ten thousand,000 trip, and so do you. We haven't, like, set a budget for any of that, so I would take it from somewhere else in my on-hand cash. Yeah, which I suspect, listening to you, you're such a tightwad, you've got a lot of on-hand cash. It's all relative, sir.

Okay, how much on-hand cash do you have? So I probably have 50 for an emergency fund. I probably got 25 for the next car we buy. We probably have 25 for an investment opportunity that is going to come our way sometime in the future. And we probably have a little more cash laying around, too. Let me tell you, I just found your investment opportunity. Yeah, that's what I was going to say. It's called your wife. Yep.

I would invest in two of the biggest dates in her life, her 50th and her 25th anniversary, dude. Stop thinking, man. That's it. You're overthinking this. You've done a really good job with money. Here's the thing. You've got to remember this, Charlie.

There's only three things you can do with money, and you have to do all three. You can be generous with it, you can invest it, and you can enjoy it. And you have to do all three to have a good life. Most people only enjoy it. They're broke. Some people only save it. That's you. So you need to also have fun and enjoy some of the money.

And to take $15,000 out of that future investment fund and do this, if I were in your shoes, if Ken were in your shoes, Stacy and Sharon would demand this. Our greatest investment. And the ROI is just priceless it's when you're talking about that well i think we're deeply in debt and we're still trying to pay our way out that's what it really is yes the debt we will never pay off is that we will never pay off those good women we will never dig out of this hole that is true he married so far up that we're always climbing

yeah he needs to gamify this dave he needs to turn this into a game where he can rework his budget. The guy loves his budget. He's a good dude. He's disciplined. Yeah. Rework that budget to reach these financials. So you got the five and then you got the- You got a year and a half.

Good gracious. You make $200,000. Enjoy it. $15,000. Enjoy this. So the interesting thing is what you said was very true. It is relative. Yeah.

And this is a very small amount of money out of what you have saved and out of what you make. If you make $20,000 a year and you're $40,000 in debt, the answer is no. You don't need to spend that kind of money on luxury items, birthday gifts, and that kind of thing. But sir, you have done a very good job. Enjoy your money. That's one of the things that's good for. This is the ramsey show Ken Coleman, Ramsey personality, is my co-host today in the lobby of Ramsey Solutions on the debt-free stage. Armando and Megan are with us. Hey, guys, how are you? Good. How are you, Ken?

Better than we deserve. Where do you all live? Portland, Oregon. Oh, wow. Bit of a haul to Nashville. Yeah. So how much debt have you guys paid off? We paid off $54,000 in six months.

Good for you. And how long, I'm sorry, what was your range of income during that six months? 153. Pretty steady. Okay. What do you guys do for a living? I'm in law enforcement. I work in healthcare admin.

You're in law enforcement in Portland, Oregon? Well, relative. We're praying for you. Oh, it's a suburb? Yeah. We're a little ways. We're like an hour south of Portland. Oh, okay.

In the area of Portland. Okay. I feel better for you already. Yeah. Worried about you, brother. That's a rough call right there, man. Oh, wow. $54,000.

What kind of debt? It was all me. It was my student loans, my car, and two credit cards. Okay. So how long have y'all been married? Yeah. We got married in August. Oh, okay. So first order of business, clean up the mess. Yes. Yes. Got it. Okay. So actually,

so I started this journey at the end of 2015 when I was single and still had yet to meet Megan. I paid off close to $60,000 and I had my emergency fund all built up when i met megan and she heard about dave ramsey that's for sure wow when i met her it was funny i i feel it was funny just listening to your entry music when i first met him i was like man what is this and i was listening to it here and i was like oh yeah this is the song i like it yeah you could be walking through Home Depot and hear Jerry Rafferty and it's all about Dave Ramsey. That's wild. Okay, so tell me this story. You guys are dating.

How long before Armando starts not being romantic and talking about money? I think on our third date, he played your podcast on our way to dinner. I was like, oh, this is lovely. That's next level of digitality. You're a real Casanova, dude. And then our life just kind of unfolded from there. We had to move states, and he proposed to me right before COVID happened. So that was fun.

Oh, yeah. So our wedding planning was fluctuating. Pivot, pivot, pivot. Yes, exactly. planning uh was fluctuating pivot pivot yes exactly uh and then we um decided actually to elope and kind of set ourself up for a better future going forward and that's fun saving all that money yeah so that's fun so okay so the third day you get the podcast oh that's just gross i'm so sorry i didn't do it but i'm so sorry uh so uh uh you know that you all laughing aside how how long in this discussion was it before megan before you start going okay this kind of comes

with the package with armando i'm gonna have to work on this uh about the third date yeah not even before dinner. So even with our elopement, we came home from getting married where our family lives in Washington. And we were in the door maybe an hour. And he's like, okay, let's start clicking it in. Let's start making payments. I was like, okay, well, happy honeymoon. Wow. It was great, though.

I mean, we paid it off in six months, and it's amazing. So, Armando, had you built up some cash to throw at it? I did. I had $20,000 in emergency fund, and so we threw $19,000 at it. Followed the baby steps. Yeah, and then I had some in an educational IRA that we moved to a $529,000. It was just a matter really for me was understanding my finances and where they were at and why in the world was I having that $10,000 just sit in there when I was having the debt over here.

It was a pound of feathers, pound of bricks. So it was just a matter of, he had taught Financial Peace University too. So he was a really good teacher in teaching me how all this works, I would say. Thorough. Yeah. So what was the saying again? I haven't heard that in years. Pound of, what is it?

Pound of feathers or a pound of bricks. Pound of feathers, pound of bricks. Same, same, same. i haven't heard that in years pound of what is pound of feathers or a pound of bricks it's you know pound of bricks same same same i've hadn't heard that in 20 years great so good where'd you grow up uh well northern washington right below the border okay yeah okay yep so interesting so armando i gotta ask you this so you shared with us that you before meeting your wife paid off 60 now you got 54 i love that you, before meeting your wife, paid off $60,000. Now you got $54,000. I love that you just emptied that emergency fund because I know that's painful. I mean, to get that to $20,000 and then cut a check for $19,000. It wouldn't be painful. He got her out of the deal.

Well, that's true. But still, I really want to hear it. What was it like to go through it a second time? What did you learn? Was there anything different? Was it easier? It was faster and emotionally easier. It was, but the difference was seeing the money come from the savings account and just being emptied out.

It just gave me a more sense of urgency to get back there because I knew what it felt like to have that. I'm doing some writing on millionaires right now, and the old saying is the second million is easier. And after I went broke, after having a million million getting the second million was easier because i knew i could do it right yeah and you knew you could do it so that's why i said that yeah you know absolutely you've already i've already killed a bear i've already killed a lion this this giant is nothing yeah you know i already that's what david said right so i know i can do this and uh yeah so you knew you could do it and it hurt but it was a short-term thing because you knew you'd be done fast yeah he had a fire underneath yeah that's for sure that's perfect

you guys are amazing okay so tell people uh financial peace teacher coordinator and professional debt reducer yes 60,000 and then 54,000 both of you what are the keys that people need to know if they want to get out of debt i i would say the budget i mean being single the first time it was just me you know making the decisions um being accountable to myself but um when i'm when i got married with megan it was just you know communication for me um trying to explain why i'm doing what i wanted to do instead of just doing it and not communicating it. We had a lot of conversations. We're like, no, no, no, that really doesn't make sense. And he's like, no, it does. Just look.

I'm like, well, how about this way? And he's like, no, it's this way. This is the way. I'm like, okay, this is the path. Okay, I get it. Very patient. Yeah. But also resolute yes a lot for me dave was uh i heard this mentioned previously on

your show by somebody and it was a lot of um i needed to slow down i'm such a planner i'm reading rachel's book right now and she talks about a section of like planning weekend trips out to the coast and this and that and i was a matter of like i need to stop doing that because it's not just a weekend trip it's's $250, $500. And we knew it was going to be temporary. So now, you know, pause on life kind of a little bit. But now we get to be here on a week-long vacation. There you go.

Yeah. Nashville and whatever. Yeah. Nice. Technically our honeymoon, I guess. Oh, there we go. Yeah, because he's got some making up to do on that. I'm just saying.

Came home and sat down at the computer and started pecking away. Yeah, that's just great. Wow, guys. I'm so proud of you. You're amazing. What a great couple. How's it feel? Feels great.

Really great. Just expecting our first right now. All right. Fun. Woo! It's nice to know once she gets here that we really have financial peace. It's great. Yeah.

Will you ever go back in debt? Absolutely not. Never. No. Not any reason to. Yeah, you make really good money. You got a baby on the way. Life is good.

I'm so proud of y'all. What a great deal. Thank you. You guys are rock stars. Thank you. You're such heroes. It's so fun. We've got a copy on the way. Life is good. I'm so proud of y'all. What a great deal. Thank you. You guys are rock stars. Thank you. You're such heroes. It's so fun. We've got a copy of Legacy Journey because that's what you've done.

You've changed your legacy. And I want you to read through that. And then we'll give you another copy of the Total Money Makeover for you to give away. Thank you. And pay it forward to somebody. Thank you for teaching the class. We appreciate that. And we are honored that you guys came down here and shared part of your honeymoon with us.

Thank you. Too fun. All right. Armando and Megan from the Portland, Oregon area. $54,000 paid off in six months, making $153,000. Count it down. Let's hear a debt-free scream. Three, two, one.

We're debt-free! Woo! Woo! That is fun. Yes. Wow. Love that. That's a power couple right there.

Yeah, they were on key as well. I don't know if they planned that. Then the tears from Megan right after that moment of the scream, that's what I love about watching and hearing these screams. They cross the finish line emotionally. They've already done the hard work. Now it's the celebration. Good for them.

You get your touchdown, baby. Yeah. Woo! So good. I love it. Very cool. This is the Ramsey Shack. We'll be right back. Ken Coleman, Ramsey personality, host of The Ken Coleman Show, is my co-host today. Open phones at 888-825-5225. A bunch of you have checked taxes off the list for this year,

but tax season is still going if your state got an extended deadline. If you want to get them done on time, which of course you do, you've got a couple of options, either online yourself or by paying a pro. We've been thrilled, and thousands of users have too, with our Ramsey SmartT Tax online filing tool this year. It is the best choice out there if you've got simpler taxes. Yes, I said if you need simple taxes, but that doesn't mean it's simple software. Our software can handle whatever you throw at it.

You can do all the deductions, all the standard ones, everything, right in Ramsey Smart Tax. If you want a refund, let me remind you, refunds are a sign you overpaid. You need to get the refund, but then you need to reset up everything. And don't charge, don't let somebody charge you some asinine processing fee like these other guys.

It's easy. It's online. It's very inexpensive, and we're not going to do anything else except how to get your taxes. Ramsey Smart Tax. Text TAX to 33789. TAX to 33789. Travis is in Virginia Beach.

Hi, Travis. How are you? I'm well, sir. How are you doing? Better than I deserve. What's up? So I was wondering. I'm 20 years old,

currently on baby step three. I have about 40,000 across all my savings accounts and I'm just wondering on what would be a good time to move out and whether I should buy or rent. I'm currently working two jobs

and running a business myself and just a lot going on right now. Sure. Trying to decide what i should do sure what do you make uh last year i netted about 45 to 50 right around there good for you what do you do so i sell clothing as my business and i work in a restaurant and i work in a restaurant, and I work in a screen printing place as well. How many hours a week are you working? So I work double shifts when I do work, two times a week, and then I run my business.

My business, I'm very busy during that. I sell clothing, so I ship internationally and nationally, going around buying stuff and selling it. So, yeah, there's a lot going on. You don't even know how many hours you work. You're busting it, aren't you? Yes, sir. I would agree. And your question is, should you move out?

You mean move out of your parents' house, somebody else's house? What are we asking? Yes, sir, my parents' house. Yeah. I was asking whether I should buy or rent. I have a good chunk in savings as well. I'd rent for a little while. Yep.

Right. You're well. I'd rent for a little while. Yep. Right. You're 20. I agree. There's a lot going to happen in the next three years in your life. Mm-hmm. Mm-hmm. A lot of change is coming in the next three to five years of your life. And, you know, one thing, it's okay to buy if you want to buy, but I would rent for a little while.

And if you buy in a year, and then two years later you meet the special girl, you will discover you bought the wrong house. She'll tell you that. Hey, that's as much truth as you'll ever hear, Travis. I promise you right now. And then you'll have to move again. So it's okay. It's all right if you want to buy.

But here's the thing. Sometimes there's so much pressure in our culture to not throw money away on rent to own that we buy at a time maybe we shouldn't. Renting is okay for short periods of time where there's patience involved. And what your first step out of the nest can be is just something very simple, and you just pay the rent. If something breaks, you call the landlord. They have to fix it simple and you just pay the rent if something breaks you call the landlord they have to fix it you're not in the repair business you're not in the yard cutting business you're not in any of these things you just live there and keep working and piling up money and you know in a year or two if you want to buy something you're going to have a really big

pile of money by then aren't you yeah my biggest concern was uh last i still close so i store everything in my house and just uh having this having the storage like leaving it at home it would be a drive just to ship stuff out and like renting i couldn't i couldn't rent an apartment i'll have to rent a house so so i was just you live in a house now don't you yeah it's just and inflation everything is just a big concern i'm not worried about inflation for two years right you're just getting started in your career i'm not even worried about inflation with a guy hustles like you hustle i worry a lot more about lazy people than i do inflation yeah oh that's very true yeah you're gonna be all right man you're gonna be just fine go if you want to rent a little house go go rent your little house. I don't care.

You don't have to rent an apartment. Yeah. And, you know, have a three-bedroom house and fill up the other two bedrooms with your inventory. You're making bank on this. What are you doing? Buying used clothes and reselling them? Yes, sir. Like eBay?

Yeah, eBay, different sites. Grilled is one. Yeah, I talked to a guy the other day that had made $35,000 last year doing that. Hold on a second. Travis. Oh, you buy something for a quarter at a garage sale, put it on eBay for $3. The rest of it was mine. Travis, I got some clothes I need to sell you, buddy.

No, he buys cheap, son. He sells high. I get it, Dave. I was saying, hey, man. You're going to get $4 out of this transaction off this guy. Right now. I like this. Yeah.

Selling clothes. Yeah. No, selling, it's good. You want him to sell them for you. You don't want him to buy them for you. Yeah. Because he buys for nothing. No, I get it.

I get how he's doing it. This is crazy. You heard him say thrift stores. He's going in to find it. This guy's a stud, man. You know, thrift stores in wealthy areas. Would you run for Congress and take over the world, son? Oh, yeah.

No, don't, Dave. He'll go to Congress and it'll ruin him. Oh, well, I'm thinking maybe he could ruin Congress. Yeah, I know. I'm cynical. I know. Me too. The air up there in D.C. is different.

Sheesh. Foul. James is in Sydney, Australia. No way. What's up, James? Hello are you thank you man i love your town we got to go there in february last year but right before covet hit and we had a blast i love sydney i'm glad you liked it um yeah how can we so, um, I have been saving up for 16 months till end of last year, which is about $35,000 Australian dollars.

Um, and this money I've been sending them to my parents' account, so I'm not tempted to spend it. So, and I think it was a wise choice. Um, I would have definitely spent it. Um, and, and I have been paying off my student debt on top of this as well. But all of a sudden, I was struck with the news that all of my savings was invested on Tesla stock by my father. Allegedly, this will be given back in four years from him.

And he predicts it will be controlled by then why four years i don't know that's that's his plan apparently oh um okay and anyhow how old are you that is i'm 29 okay and and and your dad just decided he was going to take your money and put it in Tesla stock to help you out? Yeah. Okay. So he thinks he's making money, apparently. Which I wouldn't deny it, given that if he just gets it out now,

he'll be a doubt. By the end of today, he needs to get it out and send it to you. You're 29 freaking years old. You need to be a big boy and not spend your own money. And you need to be a big boy, and your daddy doesn't do your investing for you. I mean, I didn't even ask for it. So he literally owes me $35,000.

Do I know? Sorry? You already asked for it? He literally owes me $35,000, and even if I ask for it, he'll be like, nah. He will give it back full time if it quadruples. No, I want my money right now. Dad, I didn't send it to you to invest in Tesla. I need you to cash the Tesla stock,

and I need you to send me my $35,000 right now. Well, actually, my student debt is around $29,000. Okay. Do you reckon it's wiser to actually just have that, and I don't know, maybe I'll get about $6,000? Do you owe your dad on the $29,000? Is your dad tied up in your student debt in any way? I'm sorry?

No, I mean, student debt is my debt. No, so it's not any of his concern. Well, I'm also paying debt on top of it anyway. I got that. When I told you, gave you a very direct thing to do, your answer was you started talking about something else. No, no, no. What I mean is. I know what you mean.

You don't want to deal with your dad is what you mean. That's absolutely right. Dude, you need to throw your shoulders back. Get on the phone with your father this afternoon. He's misbehaving. He needs to cash in your freaking Tesla stock and send you your money. And then you, as a man, can make decisions about what you want to do with your money. Yes, I would suggest you pay off your student loan debt.

But that's a separate equation. You need to get your money back today. This is James Childs, a producer of The Ramsey Show. You can listen to all our shows with the Ramsey Network app on your smartphone. Browse by topic or even sing clips to your friends. Download the Ramsey Network app in your favorite app store today.